I have a five-year corporate GIC. I have been issued t5 slips for each of the five years. Do I report the asset as the deposit amount, or as the amount due on maturity. Does the asset increase with the interest reported?
Record the bond at its purchase amount on Schedule 100. If the interest is paid annually, record the interest income on Schedule 125. However, if the interest is only paid at maturity of the bond, then add the interest income to the purchase amount of the bond (reported on Schedule 100) and the interest income earned in the year on Schedule 125.